Candela Profits Surge 130% On Revenue Growth of 34%; Company Announces Stock Split.Business/Health and Medical Writers WAYLAND Wayland, town (1990 pop. 11,874), Middlesex co., E Mass., W of Boston; settled c.1638, inc. 1835. Electronic and chemical research is carried on there. , Mass.--(BW HealthWire)--Jan. 19, 2000 Candela candela (kăndĕ`lə), in weights and measures: see candle. A unit of measurement of the intensity of light. Part of the SI system of measurement, one candela (cd) is the monochromatic radiation of 540THz with a radiant intensity Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CLZR) announced today that revenues for its second fiscal quarter increased 34%, and its profits for the period increased 130%, compared to the same period in the prior year. The Company said that revenues for the quarter ending January January: see month. 1, 2000 were $17.8M versus $13.3M for the same period a year earlier. For the six month period ending January 1, 2000, revenues were $33.8M versus $24.0M for six months a year earlier, a 41% increase. Commenting on the quarter, Gerard Gerard is a male forename of Germanic origin, variations of which exist in many Germanic and Romance languages. The name derives from Old Germanic 'ger' ('spear') and 'hard' ('hard/strong/brave'). Its meaning is 'strong/brave with the spear'. E. Puorro, President and Chief Executive Officer, stated: "We continue to see solid growth across our markets. Earlier this week, we announced the launch of VbeamTM, our new vascular vascular /vas·cu·lar/ (vas´ku-ler) 1. pertaining to vessels, particularly blood vessels. 2. indicative of a copious blood supply. vas·cu·lar adj. product designed to capture expanded market share. We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we can continue to grow our top and bottom lines." Simultaneous with its earnings announcement, the Company also announced that its Board of Directors has approved a three-for-two stock split, payable in the form of a 50% stock dividend. All shareholders of record at the close of business on January 28, 2000 will receive one additional share for each share of common stock owned. The additional shares will be distributed to shareholders on or about February February: see month. 28, 2000. Upon completion of this split, Candela will have approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 11 million shares of common stock outstanding. Regarding the Company's stock split, Puorro said, "We believe the increase in shares outstanding from this split could enhance the liquidity of Candela shares, and is beneficial to our shareholders over term." About Candela Candela Corporation develops, manufactures, and distributes innovative clinical solutions that enable physicians, surgeons Below follows a list of surgeons:
1. pertaining to cosmesis. 2. a beautifying substance or preparation. cos·met·ic n. and medical conditions See carpal tunnel syndrome, computer vision syndrome, dry eyes and deep vein thrombosis. using lasers, aesthetic aes·thet·ic or es·thet·ic adj. 1. Relating to the sensations. 2. Relating to esthetics. laser systems and other proven technologies. Founded near Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. in 1970, Candela markets and services its products in over 40 countries from offices in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and Asia. Candela established the aesthetic laser market 11 years
ago. With an installed base of over 3,000 lasers worldwide, more than
500,000 aesthetic laser procedures are performed annually with Candela
laser systems. For more information about Candela, visit the
company's web site at http://www.clzr.com.
This press release includes certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Any such statements are subject to risks that could cause the actual results to vary materially, including negative developments relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc unforeseen order cancellations or push-outs, Candela's strategic relationships, the impact of intense competition, and changes in the laser industry.
CANDELA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)
January 1, July 3,
2000 1999
Assets
Current assets:
Cash and cash equivalents $ 31,294 $ 10,055
Accounts receivable, net 12,855 12,337
Notes receivable 2,442 2,186
Inventories 6,732 6,927
Other current assets 1,240 928
------ ------
Total current assets 54,563 32,433
Property and equipment, net 2,648 2,626
Other assets 3,007 1,392
------ ------
Total assets $ 60,218 $ 36,451
------ ------
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 3,914 $ 4,846
Accrued payroll and related expenses 1,849 3,735
Accrued warranty 2,619 2,502
Income taxes payable 2,407 3,185
Restructuring reserve 1,283 1,519
Other accrued liabilities 2,051 1,132
Current portion of long-term debt 24 415
Deferred income 2,655 1,913
------ ------
Total current liabilities 16,802 19,247
Long-term debt 2,994 3,181
Stockholders' equity
Common stock 73 56
Additional paid-in capital 38,838 18,562
Accumulated earnings (deficit) 2,112 (3,846)
Cumulative translation adjustment (601) (749)
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Total stockholders' equity 40,422 14,023
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Total liabilities and stockholders' equity $ 60,218 $ 36,451
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CANDELA CORPORATION (Nasdaq: CLZR)
Consolidated Statements of Operations (UNAUDITED)
(amounts in thousands, except per share amounts)
For the three For the six
months ended: months ended:
Jan. 1, Dec. 26, Jan. 1, Dec. 26,
2000 1998 2000 1998
Revenue $ 17,779 $ 13,299 $ 33,819 $ 24,037
Cost of sales 7,672 6,499 14,571 12,172
------ ------ ------ ------
Gross profit 10,107 6,800 19,248 11,865
Operating expenses:
Research and development 1,202 760 2,183 1,448
Selling, general
and administrative 5,128 4,213 10,129 7,546
------ ------ ------ ------
Total operating expenses 6,330 4,973 12,312 8,994
Income (loss) from operations 3,777 1,827 6,936 2,871
Other income (expense):
Interest income 417 20 635 31
Interest expense (117) (163) (244) (241)
Other income (expense) (20) 79 121 112
------ ------ ------ ------
Total other income (expense) 280 (64) 512 (98)
------ ------ ------ ------
Income before income taxes 4,057 1,763 7,448 2,773
Provision for income taxes 811 370 1,489 470
------ ------ ------ ------
Net income $ 3,246 $ 1,393 $ 5,959 $ 2,303
------ ------ ------ ------
Basic earnings per share $ 0.45 $ 0.25 $ 0.84 $ 0.42
Diluted earnings per share $ 0.40 $ 0.24 $ 0.75 $ 0.41
------ ------ ------ ------
Weighted average
shares outstanding 7,290 5,482 7,073 5,480
Adjusted weighted
average shares outstanding 8,151 5,739 7,930 5,650
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